Futures Surrender Early Gains

US stock index futures turned negative overnight after a strong start. Asian markets all finished higher on the emergency policy meeting in Japan which sought to minimize the rise of the yen. While that worked for a time, the yen is now trading higher against the dollar than it was on Friday. That reversal in currency markets pushed Europe lower after a stronger start and now the US is following. Commodities first gained but now are fading, with crude lower and industrial metals pricing flat to down.

Click to enlarge

(Click to enlarge)

Against this macro backdrop, further mergers-and-acquisition news has failed to move the broader tape. Intel has agreed to acquire the mobile chip division of Infineon (OTCQX:IFNNY) in a deal worth $1.4 billion. At time of writing Intel's (NYSE:INT) stock had not reacted to the news. Genzyme (GENZ) ejected Sanofi-Aventis's (NYSE:SNY) takeover bid of $18.5 billion and is up more than 4 percent on heavy pre-market volume. Cogent Systems (NASDAQ:CCOI) is up popped more than 20 percent after 3M (NYSE:MMM) agreed to acquire the company for $10.50 per share. In an earnings warning, DG FastChannel (NASDAQ:DGIT) is trading lower by over 15 percent after drastically cutting its third-quarter revenue outlook.